SEC’s Schapiro: We’ll Review ‘Issues’ With Facebook’s IPO

Securities and Exchange Commission Chairman Mary Schapiro said Tuesday that her agency will examine “issues” surrounding Facebook Inc.’s initial public offering in an effort to ensure confidence in public markets.

“I think there is a lot of reason to have confidence in our markets and in the integrity of how they operate, but there are issues that we need to look at specifically with respect to Facebook,” she told reporters as she left a Senate Banking Committee hearing.

An agency spokesman declined to elaborate on the issues under review. In a statement on Friday after the first day of trading, SEC spokesman Jon Nester said ”as is our practice, staff will review the incident with Nasdaq to determine its cause and steps that will be taken to address it.”

Nasdaq OMX Group Inc. on Sunday acknowledged design problems with Nasdaq technology after the exchange operator was widely seen as bungling the landmark listing of Facebook’s shares Friday. The company admitted that problems with order cancellations interfered with the initial public offering process.